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Tuesday, September 09, 2008
The Crash of 1929
Originally produced in the mid-1990s, this film remains the most authoritative account of the Crash of 1929, and includes rare testimony from the people who worked on Wall Street at the time
6 comments:
Anonymous
said...
Thanks for posting Randy - I enjoyed watching - boy, it seemed familiar! TE
This is from a post I made a couple days ago on GIM:
This is not new. History does repeat. TPTB always fight hard, causing rallies before crashes. Compare 1929 to 2008:
In early 1929 there was a medium crash in the stock market. The bankers stepped in adding liquidity and buying key stocks. This caused the markets to rally for the next few months.
By the summer of 1929, it was clear that the economy was contracting and the stock market went through a series of unsettling price declines.
But on September 3, 1929, the Dow Jones hit an all time high, it had risen more than sixfold since 1921, touching 381.2. It would not regain this level for another twenty five years.
October 24 (known as Black Thursday) was the first in a number of increasingly shocking market drops. This was followed swiftly by Black Monday on October 28 and Black Tuesday on October 29.
On Black Tuesday, the Dow Jones Industrial Average fell 38 points to 260, a drop of 12.8%.
By the end of the week of November 11, the index stood at 228, a cumulative drop of 40 percent from the September high.
The stock market turned upward in early 1930, returning to early 1929 levels by April, but we all know how that turned out in the end.
Ben Bernanke believes the Great Depression was caused by monetary contraction, that the Fed acted too slowly printing new money.
Austrian economists [on the other hand] believe that the key cause of the Depression was the expansion of the money supply in the 1920s that led to an unsustainable credit-driven boom.
Investment Bankers and Hedge Fund managers are playing these games right now with OPM, other people's money. What do you want to bet that while financials are up and gold is down on the backs of OPM, their personal money is taking advantage and selling financials at high prices and buying gold at low prices. Perhaps they are using OPM to save their own.
Thanks for posting this. There's much irony of what went on then, and what is going on now. People want material possessions now, and throw it on credit. Such a pity.
6 comments:
Thanks for posting Randy - I enjoyed watching - boy, it seemed familiar!
TE
This is from a post I made a couple days ago on GIM:
This is not new. History does repeat. TPTB always fight hard, causing rallies before crashes. Compare 1929 to 2008:
In early 1929 there was a medium crash in the stock market. The bankers stepped in adding liquidity and buying key stocks. This caused the markets to rally for the next few months.
By the summer of 1929, it was clear that the economy was contracting and the stock market went through a series of unsettling price declines.
But on September 3, 1929, the Dow Jones hit an all time high, it had risen more than sixfold since 1921, touching 381.2. It would not regain this level for another twenty five years.
October 24 (known as Black Thursday) was the first in a number of increasingly shocking market drops. This was followed swiftly by Black Monday on October 28 and Black Tuesday on October 29.
On Black Tuesday, the Dow Jones Industrial Average fell 38 points to 260, a drop of 12.8%.
By the end of the week of November 11, the index stood at 228, a cumulative drop of 40 percent from the September high.
The stock market turned upward in early 1930, returning to early 1929 levels by April, but we all know how that turned out in the end.
Ben Bernanke believes the Great Depression was caused by monetary contraction, that the Fed acted too slowly printing new money.
Austrian economists [on the other hand] believe that the key cause of the Depression was the expansion of the money supply in the 1920s that led to an unsustainable credit-driven boom.
Investment Bankers and Hedge Fund managers are playing these games right now with OPM, other people's money. What do you want to bet that while financials are up and gold is down on the backs of OPM, their personal money is taking advantage and selling financials at high prices and buying gold at low prices. Perhaps they are using OPM to save their own.
Watched this last night. Excellent video.
Thanks for posting this. There's much irony of what went on then, and what is going on now. People want material possessions now, and throw it on credit. Such a pity.
We can see and feel 1929 even if we have not been their.
The great crash.
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